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GDP Numbers Can Hide Real Economic Damage

According to the mainstream narrative, the US economy is quickly recovering from the downturn caused by lockdowns in response to COVID-19. And while the downturn was sharp and painful, it really didn’t cause any long-term economic damage. Good times are ahead! After all, just look at the booming GDP numbers.And therein lies a problem. The GDP doesn’t really give us a good picture of what’s going on in the economy. In fact, the way the number is calculated actually hides economic...

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Is There a New Housing Bubble, and What Should Be Done About It?

with Peter van Doren U.S. house prices surged in 2020, rising 11.2 percent for major metropolitan areas according to the Case–Shiller Home Price Index and 12 percent according to the Federal Housing Finance Agency. This has raised concern that a new housing bubble has formed and is threatening a repeat of the “Great Recession” of early this century. If “housing bubble” means that home prices rise in a relatively short time and then fall back to long-term trend, then...

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The case against COVID lockdowns, well argued.

On the website of the Center for Study of Partisanship and Ideology, a newly formed (2020) organization which I’ll make a point of following closely, there is a very good article by Philippe Lemoine (a Ph.D. candidate in philosophy at Cornell University). Lemoine is making the case against lockdowns. I am biased in favor of such a position, so I may be easily persuaded, but I think Lemoine argues it very well, in a tone which is sensible and takes into account the-...

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Gold Mine Output Fell Sharply in 2020

World gold production dropped by 5.4% in 2020 according to preliminary estimates released by GlobalData last week.Global data projects gold production came in at 108 million ounces last year. The sharp decline was largely due to mine closures during the coronavirus pandemic. But it also fits into a broader trend of declining mine output we’ve seen over the last several years.Coronavirus forced many mines to shut down completely for periods of time last year, particularly during the second...

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Three Records Broken in 2020 That Were Less Than Ideal

With the coronavirus pandemic serving as a backdrop, 2020 was a record-breaking year in many ways. And some of the economic records that fell were, shall we say, less than ideal. In fact, the impacts of these records will almost certainly ripple through the economy as we move into 2021.Here are three records that fell last year that didn’t get nearly as much attention as they should have.To begin with, the money supply grew at a record pace in 2020.As measured by the True Money Supply...

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Peace Out 2020! SchiffGold Friday Gold Wrap Dec. 31, 2020

The year 2020 is coming to a merciful end. As it was with pretty much everything, it was a nutty year for the economy and the precious metals markets. We all hope 2021 will be better, but it seems unlikely that it will be any less nutty. In this special Thursday episode of the Friday Gold Wrap podcast, host Mike Maharrey takes a look back at 2020 and speculates on what could lie ahead in 2021. The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals...

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Forgive Me Uncle Sam! SchiffGold Friday Gold Wrap Dec. 11, 2020

There is a lot of talk about student loan forgiveness. The idea is wildly popular and it would relieve a huge burden crushing millions of Americans. But is there any downside to this idea? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the student loan debacle and the possible downside of loan forgiveness. He also touches on the shaky labor market and why the bond market can’t tell us anything about inflation.The SchiffGold Friday Gold Wrap podcast combines...

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Back to Reality: SchiffGold Friday Gold Wrap Dec. 4, 2020

After a dismal November, gold and silver are starting to show some signs of life. But what caused the big drop in the price of precious metals last month? Was it warranted? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey looks at the economic and monetary fundamentals and tries to bring us back to reality. He argues that despite the optimism about a coronavirus vaccine, nothing will fundamentally change.The SchiffGold Friday Gold Wrap podcast combines a succinct summary...

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Peter Schiff: Government “Help” Is Not Helping

The stock market is booming as everybody anticipates an end to the coronavirus pandemic with the rollout of a vaccine. But as Peter Schiff pointed out in this podcast, the rally isn’t really about a cure for COVID. It is being driven by government and central bank policies meant to shield us from the pain of the pandemic. The problem is this government “help” really isn’t helping. In fact, it’s made a bad situation much worse.The Dow Jones was up 11.8% last month. It was...

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